PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 11 JUL 2023

10 juil. 2023

MARKET OUTLOOK 11 JUL 2023
WORLD MARKETS
1. US markets are consolidating with bearish bias.
2. Europe and Asia is bearish.
INDIA VIX AND GIFT NIFTY
1. GIFTY nifty is indicating a flat opening at 19424 fut and 19355 spot. This amounts to 44850 for Bank Nifty.
2. India VIX is down 2 % at 11.4
INDEX HEAVY WEIGHTS
1. HDFC Bank could not sustain above 1665. Support can be seen at 1649. If it break 1649 we get 1640 and below. 1665 is a strong resistance.
2. ICICI Bank has resistance at 955 and support at 945. Any break of these level will give directional move to Bank Nifty. I expect it to remain range bound.
3. Reliance as discussed gave a directional break out. This is due to the demerger news of reliance fin services from reliance. Reliance is a buy on dip to 2690 levels. However it is extremely over bought and may pull back bringing down nifty.
ANALYSIS
1. Nifty and Bank Nifty are looking bearish.
2. I expect Nifty to give a directional move while bank nifty may remain range bound.
3. This because, reliance is over bought, IT is bearish, while HDFC and ICICI bank are looking neutral to bearish.
4. Also tomorrow is FIN Nifty expiry. There may be some index management.
TRADING PLAN.
1. NIFTY OPEN FLAT : Any move to 19400 and weakness is a sell. Tgt 19300.
2. NIFTY GAP UP : Any move above 19420 is a buy. tgt 19500.
3. NIFTY GAP DOWN : Any consolidation at 19300 - 19320 and move above 19330 is a buy. Tgt 19400.If Nifty drift below 19280, then it is a sell for a tgt of 19211.
4.BANK NIFTY OPEN FLAT : Any move to 45050 and reversal is a sell for a tgt of 44800.
5. BANK NIFTY GAP UP: Any move above 45130 will be bullish for a tgt of 45300.
6. BANK NIFTY GAP DOWN: If nifty gap down below 44700 then it is bearish for a tgt of 44600 and 44400.
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERIES.